New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-05-19
CLOSING PRICES OF CALIFORNIA STOCKS
SAN ERANCIsCO. May g. ls3L
WEDNESDAY, May lS-P. II.


Tho stock speculation today made now departure
Instead OF tho principal business and improvement In
values being confined TO few special stocks OF which
the speculative holdings very small, the market
broadoned out to include all divdendpayors ana
some whose OF becoming such Ia remote II Is true
that covering OF shorts had much 10 do with the more
general activity OF the days market hut the shorts
did not appear buyers without what TO them seemed
TO be sufficient reason for changing OF their ideas
Outside OF the high priced Western stocks there hadbeen
no advance sufficient TO alarm practical bear" and
yet principal purchases for the short account run
to the stocks which yesterday were so freely sold
for that account The change probably was partly due
10 rather late appreciation that the stocks which
sold 10 dcprcss values readily found resting place NJ
very slight concessions and that hammerng the market
without sales failed TO produce any effect ASIDE from
The covering Of shorts" however there were early In
dcations OF broader market and wider speculative as
well as investment interest The railway earnings Tor
the second week in May far they have yet been re-
potod are as satisfactory their exhibitor gains M have
been the returns the preceding five weeks and no one
questions that the percentage OF gains In net earnings a
.he existing rates greater than those IN gross earn
ings In the OF Lake Shore the gain IN surplus earn
ng over first charges the month Of April was greater
number of dollars than the gain in gross earnings was
The transactions OF the day aggregated $4,000 shares
against 900 shares yesterday. But OF todays bus,
ness four stocks contributed 100000 shares VIZ Now
York and New-England. $4,000; Northern Pacific
40 600; Missouri Pacific 10000; and Reading. $4,000
New-York and New England the champion
in the point for advances. II opened
at 577s and until after IL o'clock
presented no special features selling up to 5sa After
that hour the speculative directors OF the company
seemed TO become somewhat disturbed by the strength OF
the stock and their succeeding purchases together with
tne class buying which has absorbed the stock from 90
down. quickly advanced the price to Oh small re-
action 70 COS followed the stock closed firm at CO.'S
Some three weeks ago when the stock declining so
rapidly and 80 freely predicted its future figure.
we took occasion TO remark that evident that both
the long and short stock which had been and was being
sold was finding Judgment somewhere else than among
the average spectators Every days transactions In
the stock since then have been connrmatory OF the
views expressed Missouri Pacific established advance
OF lust 2ls per cent Union Pacific which yesterday was
favorte investment the short side, tonight closed
1ss higher than yesterday. Philadelphia and Reading
early declined a per cent. and closed just per cent
above It's lowest figure Wabash preferred with moderate
business established advance OF per cent The trans
actions In Lake Shore were only 10 moderate amount,
but they were largo enough carry the price OF 81 TO
9s3s St Paul early was sold down TO 9le; the late
sales were at 05d9i7s Northern Pacific common was
unusually active and closed higher than last evening
During the first hour OF business the market was sub
jected sever. hammcring probably preparatory To
the covering of "shorts" but the immediate elect was
slight and the final results Of the day as they have
been detailed The Western high-priced stocks were
comparatively quiet and did little than hold their
In instances they show small fractonn Of
decline but they did the whole market closed strong
Government bonds dull and steady with the bids
for IS off per cent Annexed are tho closing quota